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Residential Industry Stronger than Expected

Residential Industry Stronger than Previously Expected

The construction industry is up 4.7% (by unadjusted value) compared to the same time last year, says Registered Master Builders Federation Chief Executive Pieter Burghout.

“The residential sector is staying strong, much stronger than was previously expected by the industry. And although the commercial sector has dropped away slightly in the last two quarters, it is still working off a high base,” says Mr. Burghout.

The recent Statistics New Zealand media release Building Consents Issued: October 2006 showed that the trend for the monthly value of residential building work decreased at the start of 2006 but has increased since March. The increases in consent value appear to be flowing through into statistics for residential building work put in place.

“Compared to past years, 2006 volume-wise is similar to that of 2004, which was still our second biggest year previously (2005 being the largest). We expect to see the construction industry holding steady for the next few months given the projected work volumes and building projects in the pipeline,” says Mr. Burghout.

Mr. Burghout was commenting on the recent Value of Building Work Put in Place media release by Statistics New Zealand for the 2006 September Quarter.

ENDS

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